There are some who posted about the drop in the price of Manna and how it is affecting them.
We feel that based upon some of what we read, some clarification is needed.
Manna is a cryptocurrency just like bitcoin and ethereum. For this reason, there are certain properties that apply to them as well as Manna. There are, however, also some things that separate it.
Cryptocurrency is money. This was the intended design of bitcoin. The blockchain is a public ledger of transactions which take place in the currency called "bitcoin". This currency is not backed by the "faith and trust" of any government. Bitcoin is without a nation; it operates across all borders.
Value of any currency is derived from the trust people place in it. The U.S. dollar enjoys strong appeal to many around the world because the U.S. government is rather stable compared to many in the world. We also see the U.S. economy tends to be more resilient than a lot of others.
The events in Venezuela shows that "faith and trust" in a government currency is not guaranteed. We see that "value" is driven in the same way.
Manna is a cryptocurrency that has a utility. The utility is that it is distributed each week to anyone who signs up and verifies. It is a basic income meant to help reduce poverty. That is what the token was designed for.
All cryptocurrencies reside on networks. Surrounding this network is an ecosystem. Bitcoin, ethereum, and steem are all cryptocurrencies that have ecosystems associated with them. There is a community that develops where people contribute. The same thing occurs outside the cryptocurrency realm with Apple, Google, and Facebook.
We are in the process of creating the Manna ecosystem. Essentially, Manna is 11 weeks old since we only began distributing the token to the masses starting March 1. Before that, we have a few thousand people in the trial under the Grantcoin name.
Manna is very new in this regard.
Prices of cryptocurrencies rise and fall based upon market forces. Actually, this is true in all currencies as evidenced by the forex market. Manna is no different on this point. We all would like to see the price always moving up but it is not realistic. The free market decides what it wants to do at all times.
Manna is an optional system. Unlike governments, we cannot force people to take nor accept Manna. We do not have the power to declare that all establishments are required to accept Manna as payment. This is where cryptocurrency differs from traditional fiat currencies. The U.S. government requires companies to accept USD as payments.
Much like steem and other blockchains, a large part of the development comes from outside the core Manna team. Blockchain is open meaning anyone can create what interests them. Over the past two years, a few hundred applications were built on steem. This is laying the foundation for a well-established ecosystem. We feel that it is safe to say that some of this is reflected in the price of steem.
We believe Manna will be similar. This is not a get rich quick scheme. Nor it is likely a get rich slowly token either.
Manna is meant to be a currency that is used to buy goods and services as needed. That is the ultimate goal. We are not to that point at this time yet we are confident with the developments such as https://www.mannabasics.com. This is a project that was developed outside the core Manna team. It is the first, to our knowledge, store that accepts Manna as payment.
Blockchain success comes from developers and entrepreneurs creating and operating businesses on the different networks. This is how an ecosystem grows. Decentralization means that growth does not come from top down but, rather, bottom up. It is the masses who drive the adoption.
The decision one makes with a currency is a "vote" about it. At this moment, it seems the Venezuelans do not have a lot of faith in their government's money. There is a lot of selling (getting rid) going on. People are voting against it. They are moving into anything other than the Bolivar.
Manna is no different. Until we get to the point where the ecosystem has enough uses for Manna in its native form, we are going to see people "vote" by their actions. Those who swap Manna for other cryptocurrencies are showing their distrust in this. That is fine. We realize not everyone sees the vision that we have.
The flip side of this is those who choose to not only hold the tokens they receive, but also buy Manna on the open market. Those are the people who understand what we are trying to accomplish and want to support it. Buying the token is an affirmation that one believes in what is being created.
When putting together something like this, there is always a choice to be made. We can focus our attention upon the price of the token or the actions we need to take to expand and grow the ecosystem. Those are the two choices.
Many in the cryptocurrency world focus upon the price of the token. That is called the proverbial "pump and dump". This is not the path that interests us. Our goal is to reduce or eradicate poverty around the world. That is not accomplished by pumping the token up only to watch it collapse.
Instead, we are taking measures to give the token some underlying value outside just a marketing ploy. Ultimately, the value of Manna will be by those who receive the currency.
We are fully aware that for Manna to make a difference as a basic income, the value of the token needs to move up. This is something that also needs to be done with the long-term in mind. Just moving the price of the currency for a few months only to see it collapse does not align with what we are trying to accomplish.
This is our commitment to the Manna community. We understand there are many who need the money each week. However, for the rest, we ask that you join us in taking the long-term view of things.
Collectively, we can make a difference on a large scale.
I share your vision and I strongly support what you are creating.
Here for the long haul. Keep doing the great job guys. It is only about time before people realize how blockchain can change the world and how Manna can free the people from poverty.
Thank you @cknr7
Patience is key and I have plenty of it. I hope Manna takes off and becomes successful.
That is our internetion too @enskan.
We are looking for it to take off and become extremely successful.
That's great to hear!
All the best guys, I know you've got a lot on your plates.
We do.
Fortunately, our team is getting bigger as is our community.
As more people are exposed to this project, our hope is that more join in wherever they can.
and I see that so far the coin is only traded on one exchange, why not try to add something like bitshares to give it another option, value seems to rise with more exchanges
and a decentralized exchange might be valuable
two exchanges: https://freiexchange.com/market/MANNA/BTC
What is meant by: "Ultimately, the value of Manna will be by those who receive the currency." ?
Can you rephrase this please? Do you mean the people who receive MANNA are the value? Do you mean the people who receive MANNA will make it valuable? Please clarify, because it is an important sentence in this article.
You have launched a crypto that ISNT a get rich quick scheme... are you mad? /s
They make it up, with free money grab ;)
Excellent article...I really like and feel inspired by Manna's initiative to eradicate/reduce poverty. That is such a noble cause, poverty is a big problem especially where I live in Africa. Hopefully Manna will help lots of people :)
Thank you @practicaleric.
We hope that you are spreading your referral to everyone you know. It is very important to us to have a large presence in Africa.
Yes, I will do that on my twitter and face book.
This comment made me think about making QR codes, so you may add your referral with easy access on fliers.
I found this link where you can make your own QR code from your referral:
https://www.qr-code-generator.com
What do you think about that, @mannacurrency ? A nice idea, or too much?
SHARE your referrals everyone! Even if current adoption have been amazing, the goal should be tens or even hundreds of millions users. This will increase value and utility to a completely new level.
Manna is free, so we should be able to grow at a rate other projects can't compete with. But you need to spread the word, and your referrals!
Thank you @irule.
Yes we would ultimately like to have a minimum of 50 million people that we provide Manna to on a weekly basis.
The only way that goal will be met is to have the members of the community pass out the referrals and have others sign up.
Awesome goal! Happy to hear you are ambitious!
Followup question: The registration process with verifying IDs, is that mostly automated, or will massive increase in registration end in bottleneck?
This is really cool, and a great read. When I explain to people what the blockchain is, I always bring up manna. I want people to understand how it's a completely different paradigm, and I think Manna illustrates that perfectly. I'm a big fan of @taskmaster4450's work, and they always bring up Manna as a case for the Age of Abundance as well. The idea alone that this exists is so, so, so massive. It makes people question the infrastructure of the system of our lives and opens up a whole new field of opportunity and options. It's really mind blowing, because so many Liberals would give their left arm for UBI, and here it is right in front of their faces. Yet how many of them are here working on it? Instead they're fighting for change that will never come.
Thank you @brightstar.
We try to work with all sides of the political spectrum because, to us, this is not a political issue as much as a human rights one. We are here trying to improve the lives of millions of people.
It will take a bit of time to put this right before everyone's eyes. Publicity is what is needed. Word of mouth is obviously the best approach. It is slow yet that forms a solid community.
The politics are old world. Manna is beyond that. That's why I always use it as an example of the new world we're coming into.
We look forward to that world arriving.
In the meantime, we are doing what we can to usher it in.
I only read saw your posts but I don't read it and it's amazing as I read it right now.. I will make more research on your crypto and if it please me then I can invest
Yes, I’ve gotten the impression that The Manna Team is in this for the long haul! I wouldn’t have it any other way!
With both Steem and Manna I care more about their utility than being rich. Both have potential to change lives.
I am one of the people who could use a paycheck right now, but I totally understand manna is new and so won't be worth tons right out of the gate. It's a crypto that I think of as long-term and so I am trying to HODL until it grows. It's free, so it's not like the people who bought Bitcoin at the turn of the year ATH only to be disappointed shortly after- we've got nothing to complain about! The more people start making projects like Manna Basics, and the more people sign up, the more useful it will become.
PS Manna Basics: I love that you added ladies needs to your products. You should consider adding more non-food items like that, recycled tp would be awesome, toothpaste, etc. Folks who need UBI in the States might be getting food stamps, which don't pay for basics like soap and feminine hygiene and toilet roll. So as Manna gains more value, it could be a great supplement!
Thank you for your comments @phoenixwren.
We are not sure that the Mannabasics reads these posts. We might suggest leaving that comment on their site or sending them an email. It is an excellent suggestion.
Ah, ok, thanks, will do! :)